Point & Go Figure: PD, CME, BBY, EMC, QQQQ, DX/Y
Yesterday's action was enough to move the Nasdaq High-Low Index to positive (reversal up to a column of Xs), joining the NYSE High-Low Index in a short-term positive context, as well as the Nasdaq percent of stocks above their 50-day moving average indicator, according to data from Investor's Intelligence. New buy signals yesterday outnumbered new sell signals by a margin of about 2.5-1.
While the short-term is positive, but extended, there are still no changes to the long-term indicators that continue to suggest we are nearer the end of a long-term topping process than the beginning of any important new leg higher. Meanwhile, there continue to be select individual issues that remain technically sound even as the broad indices show narrowing breadth and weak long-term technical patterns.
Charts of Interest:
Phelps Dodge Corporation (PD)
Chicago Mercantile Exchange (CME)
Best Buy (BBY)
EMC Corporation (EMC)
NASDAQ-100 Shares (QQQQ)
US Dollar Index (DX/Y)
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